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Europe upstream in brief

01 February 2023

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01 February 2023

Europe upstream in brief

Report summary

Welcome to the Europe upstream in brief where we bring you quick, responsive opinion and analysis on all that's going on in European oil and gas. The report provides rolling coverage of events, with stories posted to this page within 24 hours of any announcement, where possible. We offer critical insight and opinion on a wide range of topics from exploration and M&A to decarbonisation and the energy transition.

Recent insights and webinars
- North Sea upstream webinar: the key things to look for in 2023
- Norway's tax package ends with a bang - but was it a success?
- Netherlands sticks to Groningen wind-down schedule, despite delays to critical infrastructure
- Upstream operators assess the impact of EU windfall tax
- Equinor makes Norway’s first discovery of 2023 at Obelix Upflank prospect
- Continental Europe upstream: 2022 in review
- Norway's APA 2022 licensing round: sustained appetite, but non-Norwegian operators continue exploration retreat
- Norway opens applications for sixth carbon storage licence
- Equinor rumoured to be buying Suncor's UK upstream business
- Equinor and RWE form hydrogen partnership
- Norway’s temporary tax window ends with a flurry of FIDs
- Türkiye increases Black Sea gas resources with Çaycuma discovery and Sakarya upgrade
- Njord restarts in Norway after two-year delay
- Vår Energi makes Lupa gas discovery in the Barents Sea
- Beacon Energy acquires German onshore producer Rhein Petroleum
- ADNOC acquires stake in OMV from Mubadala
- Eni makes third gas discovery offshore Cyprus with Zeus-1 well
- Serica set to acquire Tailwind Energy for £367 million
- TPAO continues its onshore Türkiye oil exploration success
- Energy Profits Levy improves West of Shetlands electrification commerciality
- Continental Europe upstream: 5 things to look for in 2023
- Global Upstream Update - December 2022
- Norwegian Sea developments and exploration success
- TPAO spuds Türkiye’s latest East Mediterranean exploration well
- Europe gas market outlook
- Eni to buy Neptune Energy? A Lens snapshot
- Webinar: Europe Upstream - things to look for in 2023
- Norway government postpones ‘frontier’ licensing round
- Shell to launch sale of ETAP Area fields
- North Sea upstream: 5 things to look for in 2023
- Windfall taxes: the search for a smart policy
- Equinor gives Irpa gas development the greenlight
- UK government increases – and extends – the Energy Profits Levy
- Wintershall Dea submits Maria development plan
- Hywind Tampen provides first power to Gullfaks Area in Norway
- Ithaca starts production at Abigail
- Equinor postpones giant Wisting project in the Barents Sea
- Ithaca Energy completes London IPO
- UK government rumoured to increase – and extend – the Energy Profits Levy
- Netherlands announces retrospective upstream tax increase for 2022
- PKN Orlen-PGNiG merger finalises Poland’s consolidation of state energy firms
- OMV makes Oswig gas-condensate discovery near Oseberg
- Equinor expands in European solar with BeGreen acquisition
- TPAO spuds Türkiye’s latest deepwater Black Sea exploration well
- Italy’s new government hopes to double domestic gas production
- New UK Prime Minister to reintroduce shale gas ban
- OMV receives unsolicited bid for stake in upstream business
- Global Upstream Update – catch up on our favourite slides and topics
- Ithaca Energy nears London IPO
- Equinor reported as a potential bidder for CNOOC’s UK upstream business
- Sleipner CCS: an introduction to Wood Mackenzie CCUS valuations and economics
- Who will drive North Sea decarbonisation?
- UK exploration's last dance: can allowances and a new licensing round boost activity?
- Shell and ExxonMobil looking to divest from the Southern North Sea
- Norway tweaks the temporary tax package
- Shell to buy Corallian Energy (including the Victory gas development) for £32 million
- NSTA launches 33 rd offshore licensing round in the UK
- Waldorf enters the Netherlands with TAQA and Dana Petroleum deals
- ONE-Dyas takes FID on cross-border N/5-A offshore gas field in Netherlands/Germany
- INEOS sanctions Solsort development in Denmark
- UK government releases climate compatibility checkpoint
- UK Government looks to fast-track North Sea developments
- UK lifts fracking ban as BGS publishes report on associated seismic activity – the WoodMac view
- Var Energi updates on Balder X cost blowout and delays
- Can Norway maintain its role as an oil and gas supplier of choice?
- Trillion Energy begins new Black Sea development drilling in Turkey
- Copernicus exploration disappointment for PGNiG
- North Sea upstream webinar: electrification, emissions targets and the companies that can drive change
- Evelyn comes onstream early
- Shell and ExxonMobil’s NAM JV to begin Dutch asset divestments
- Europe and the North Sea webinar: energy security, cost inflation and fiscal disruption
- UK energy exports and shale gas: aspiration or pipedream?
- Third UK FID of 2022 as Talbot gets the green light
- Neptune makes Ofelia discovery near its prolific Gjøa hub in Norway
- Eni makes large gas discovery with Cronos-1 well in Cyprus
- Shell launches sale of Cambo stake - who could be the buyer?
- Newt discovery continues exploration success in the Skarv Area
- Aker BP submits Trell & Trine PDO in Norway
- Türkiye spuds East Mediterranean exploration well with new Abdulhamid Han drillship
- Lime Petroleum acquires 10% stake in Yme from KUFPEC
- European gas supply sources: a compelling case for renewed shale exploration
- Equinor files Rosebank Environmental Statement in the UK's West of Shetland
- What is driving offshore wind as a North Sea upstream decarbonisation solution?
- Suncor exits Norway to PE-backed Sval Energi
- Poland advances consolidation of state energy companies into PKN Orlen
- Tyra development sees a six-month delay and cost increase
- ExxonMobil completes US$1.06 billion exit from Romania’s Neptun Deep megaproject
- Nova onstream after one year delay
- TotalEnergies exits Greek deepwater exploration licences, but ExxonMobil remains
- What can we learn from recent North Sea project delivery?
- Serica Energy and Kistos reach stand-off over potential North Sea merger - UPDATE
- Netherlands plans to accelerate North Sea gas production amid supply crisis
- Waldorf Production adds Alpha Petroleum to latest string of deals
- Shell shelves Linnorm development in the Norwegian Sea - UPDATE
- TAQA looks to sell its Netherlands portfolio – who might buy?
- Success near Skarv with the Storjo East discovery
- Boris Johnson resigns as UK prime minister, a reign which coincided with a tumultuous period for the North Sea
- Norway government stops strike action and safeguards gas exports
- Aker BP completes Lundin Energy acquisition to become the leading North Sea E&P
- Shell shelves Linnorm development in the Norwegian Sea
- Equinor proposes its largest floating wind project - Trollvind
- Norway launches its awards in pre-defined areas (APA) 2022 licensing round
- First carbon licensing round launched in UK
- Ithaca Energy eyes UK IPO
- James Reid, 21 June 2022
- Romania’s Midia Gas Development starts production in Black Sea
- The UK’s Energy Profits Levy (EPL) is now in Lens – who are the winners and losers?
- Shell's Jackdaw receives green light to proceed
- Netherlands approves N05-A gas development in cross-border GEMS Area with Germany
- ConocoPhillips lowers Slagugle resource estimate
- OKEA acquires Norwegian asset package from Wintershall Dea for US$117.5 million
- UK government swoops on North Sea windfall profits
- Equinor submits plan for development and operation (PDO) for the Halten East area development
- Eni and TotalEnergies set to spud Cronos-1 exploration well offshore Cyprus
- Equinor discovers oil near Johan Castberg in Norway’s Barents Sea
- TPAO’s newest drillship arrives in Turkey
- Romania’s parliament approves fiscal and regulatory reforms for Black Sea gas
- Snøhvit LNG almost ready for start-up
- Two more carbon storage licences awarded in the UK
- Eldfisk Nord plan for development and operation (PDO) submitted by ConocoPhillips
- NSTA corporate plan focuses on security of supply and emissions reduction
- Sval Energi grabs stakes in Martin Linge and Greater Ekofisk Area from Equinor for US$1 billion
- Success for Petrogas with UK’s Birgitta appraisal well
- Aker BP takes operatorship of entire NOAKA development
- North Sea Transition Authority bullish on upcoming projects
- ExxonMobil exits Romania with US$1.06 billion sale of Neptun Deep stake to Romgaz
- Neptune Energy confirms Hamlet discovery, near Gjøa in Norway
- First gas at Harbour Energy’s Tolmount field, UK
- Greece promotes renewed exploration to reduce Russian gas dependence
- Romania’s government submits key fiscal and regulatory reforms to parliament
- Norway's government puts proposed terms to parliament
- British Energy Security Strategy encourages North Sea resurgence
- Ithaca Energy agrees to acquire Siccar Point for US$1.5 billion
- Norway’s carbon licence activity ramps up
- Ukraine reforms its onshore gas royalty rates
- Equinor makes Kveikje discovery as prolific Troll and Fram area delivers again
- CNOOC looks to exit UK upstream business
- Ithaca Energy buys Summit Exploration and Production’s North Sea business
- How much more oil and gas can the North Sea produce?
- MOL to exit UK as Waldorf acquires portfolio
- The North Sea spared windfall tax in UK mini-budget
- Shell spuds much-anticipated Edinburgh well in UK
- Success for ExxonMobil in Cyprus with appraisal of giant Glaucus gas field
- Proposed new Groningen production cap lower than expected
- Saturn Banks is first UK start-up of 2022
- Increase in production cap allows Norway to maintain high has exports to Europe
- What options does Europe have to diversify gas supply?
- ONE-Dyas’s upstream exit begins with sale of its Norwegian business to Pandion Energy
- The importance of Ukraine's upstream and midstream
- Russia/Ukraine conflict – Wood Mackenzie’s energy sector analysis
- Oil and gas focused offshore wind round announced for the UK
- Equinor enters into FEED at Rosebank – will it finally be sanctioned?
- TPAO spuds Turkey’s latest deepwater exploration well in Black Sea
- Shell seeks exit from UK Southern North Sea
- Will Waldorf acquire ONE-Dyas’ UK and Dutch business?
- Eni and HitecVision take Var Energi public
- Italy approves new policy framework for future licensing and exploration
- Wells to watch 2022 insight – which are Europe’s most hotly anticipated?
- TPAO completes successful Sakarya appraisal well tests in Black Sea
- TotalEnergies farms down interest in Greater Laggan Area to Kistos
- Dry hole for Eni and NOVATEK at offshore Montenegro exploration well
- Upstream research 2021 highlights: rebounding prices, fiscal challenges and hidden gems
- ConocoPhillips looks to offshore wind for Ekofisk area electrification
- Vår Energi plans Oslo IPO
- Suncor to sell its Norwegian business?
- Abigail is first North Sea FID of 2022
- Continental Europe upstream: 2021 in review
- Norway’s APA 2021 licensing round: Sustained appetite but pool of explorers shrinking
- North Sea upstream: 2021 in review
- Aker BP buys Lundin Energy: what next for the 'super' independent?
- Equinor downgrades reserves at Mariner
- Green Volt seeks to electrify Buzzard by 2026
- Equinor makes Toppand oil discovery, adding more volumes to the ‘FANTA’ development
- Dutch government considers increase to Groningen production cap
- Aker BP buys Lundin Energy to create 'super' Norwegian independent
- North Sea upstream webinar: the key things to look for in 2022
- Centrica-owned Spirit Energy exits Norway to Sval Energi
- Romgaz shareholders approve deal for ExxonMobil’s stake in Romania’s giant Neptun Deep project
- Further delays and downgrade at Tolmount
- OMV Petrom announces ambitious gas and energy transition strategy
- Register for our North Sea webinar: things to look for in 2022
- Cyprus awards Block 5 exploration licence to ExxonMobil and QatarEnergy
- BP acquires JX Nippon’s interests in the Andrew Area
- Shell pulls out of Siccar Point’s Cambo development
- So, what next for Cambo?
- PE-backed NEO Energy strikes again as JX Nippon exits the UK
- Equinor exits Ireland with US$434 million Corrib sale to Vermilion Energy
- Neptune requests takeover bids and Lundin mulls over potential sale
- First oil flows at Buzzard Phase II
- Equinor sanctions electrification and Gas Capacity Upgrade at Oseberg in Norway
- Parkmead and CalEnergy take impairment on UK’s Platypus
- Serica Energy brings Columbus onstream in the UK
- Fujairah reportedly defaults on UK Brae Complex
- North Sea upstream: 5 things to look for in 2022
- Neptune Energy offloads non-core asset stakes to M Vest and OKEA in Norway for US$35 million
- First Minister calls for Cambo project to not get the greenlight
- Beyond Oil and Gas Alliance (BOGA) launches at COP26
- Aker and BP sell 5% in Aker BP through private placement
- Delek-owned Ithaca acquires Marubeni's UK portfolio
- Private equity in upstream: views from the inside
- ConocoPhillips reaches FID at Tommeliten Alpha
- UK government goes big on CCS with £1 billion cluster investment
- INPEX acquires majority 50.5% stake in Idemitsu Norway
- Producing nearly 30 kboed, the business comes with growth options
- The deal highlights Japanese E&Ps are at a crossroads in upstream
- Owners hint at IPO as Vår Energi undergoes a strategic review
- Lundin acquires OMV’s 25% interest in Wisting in the Norwegian Barents Sea
- Shell and ExxonMobil’s NAM JV to offload non-core Netherlands fields
- Wood Mackenzie Global Energy Summit 2021 Upstream Focus Day
- Equinor makes oil discovery at Egyptian Vulture in Norway
- ExxonMobil agrees terms with Romgaz to sell its stake in Romania’s giant Neptun Deep project
- Bumper week for North Sea start-ups
- Balder Future, Johan Castberg and Njord Future delayed in Norway
- UK government announces first two CCS clusters to receive funding
- Phase One supply chain contracts awarded at Turkey’s giant Sakarya gas field
- Shell’s Jackdaw proposals grounded
- European gas: will there be enough supply this winter to meet demand?
- Lundin Energy brings Solveig onstream in Norway
- Norway's upstream investment surge: can the supply chain cope?
- Groningen production cap confirmed for its final gas year to September 2022
- TotalEnergies delays FID at two Danish oil fields
- Aker BP sanctions the Frosk development in Norway
- First production delayed at Romania’s Midia Gas Development in Black Sea
- Shell sanctions Ormen Lange Subsea Compression Project in Norway
- Further appraisal success at Dugong and Lille Prinsen in Norway
- Implications for the oil and gas sector as Labour wins election in Norway
- Marubeni’s North Sea exit edges closer with rumoured Ithaca deal
- Netherlands CCS: Shell and TotalEnergies firm up timeline for Aramis project
- Could Harbour-Neptune be the next North Sea hook-up?
- Ithaca Energy makes first UK discovery of 2021
- Wintershall Dea upgrades resources at Bergknapp in Norway following successful appraisal
- TAQA to sell oil and gas assets?
- Electrification plans delay timeline for Jersey Oil and Gas’ Buchan redevelopment
- Equinor brings Troll Phase 3 onstream in Norway
- Neptune brings Duva onstream less than five years from discovery in Norway
- UK faces a challenging winter as gas production falls 32%
- UK Government under pressure to reassess greenfield oil and gas
- How platform electrification is decarbonising the North Sea
- Ping Petroleum doubles down on UK’s Avalon field
- TPAO enjoys well test success at Turkey’s giant Sakarya discovery in Black Sea
- Equinor agrees swap deal with PE-backed Wellesley Petroleum in Norway
- Neptune Energy and partners receive EUR 3.6 million subsidy for Netherlands’ PosHYdon offshore green hydrogen pilot
- UK's Tolmount start-up delayed to year end
- Greenland bans new exploration licences and turns focus to hydro
- Vår Energi's Balder Future project delayed in Norway
- Equinor brings Martin Linge onstream after a five-year delay in Norway
- Aker BP and Equinor sanction subsea tie-backs in Norway
- Shell pre-empts Tailwind’s Shearwater deal
- European Bank for Reconstruction and Development (EBRD) will end upstream financing
- Eight companies are awarded license interests in Norway's 25th licensing round
- Lime Petroleum acquires Repsol’s interest in Brage in Norway
- Vår Energi makes oil and gas discoveries near Balder & Ringhorne in Norway
- Black Sea upstream – Turkey's latest discovery boosts deepwater momentum
- Equinor’s 2021 Capital Markets Day round-up
- Decommissioning in the UK - is the sector ready?
- North Sea upstream – June 2021 webinar
- Norway launches its awards in pre-defined areas (APA) 2021 licensing round
- Turkey makes another multi-tcf gas discovery in the Black Sea, close to Sakarya
- Norwegian exploration continues its recent renaissance
- OKEA sanctions Hasselmus in Norwegian Sea
- Energy transition in action for Euro Majors
- Private equity developments: Tailwind buys from BP while Neptune mulls monetisation options
- UK's Forties Pipeline System goes offline for a month
- Naftogaz remains committed to Ukraine growth strategy, despite CEO change
- Wintershall Dea finds 114 mmboe of gas and condensate near Dvalin in Norway
- Spain becomes latest European country to ban future E&P
- Poland intends to complete consolidation of state energy companies by year-end
- Porthos CCS project granted 2 billion of subsidies in the Netherlands
- Why the Majors are still betting on UK exploration
- Neptune Energy snaps up interest in UK’s Pegasus West discovery
- Progress towards net zero goal is highlight of Lundin results call
- End of an era: Brent ceases production, highlighting UK sector’s maturity
- BP's upstream wind-down: what could it mean for the North Sea?
- EnQuest snaps up Bentley - one of the UK’s heaviest oil fields - from Whalsay Energy
- UK North Sea Transition Deal: setting the course for a net zero basin
- Second farm-out agreement falls through at Ireland’s Barryroe oil field
- BP suspends production at UK’s Foinaven
- Norwegian exploration reaching near decade-level highs
- TPAO spuds new Black Sea exploration well near world-class Sakarya discovery
- Total-operated Tempa Rossa resumes production in Italy after unplanned downtime
- Ithaca Energy takes FID on Captain EOR Stage 2 in UK’s Moray Firth
- Podcast: North Sea M&A activity ramps up
- Romgaz submits sole bid for ExxonMobil’s stake in Romania’s giant Neptun Deep project
- Tailwind Energy acquires Decipher Energy in sixth UK deal of 2021
- TotalEnergies rebrand: how do we expect Total's global upstream portfolio to evolve?
- PGNiG strikes again as INEOS exits Norway for US$615 million
- North Sea M&A kicks off 2021 with a bang – but will it continue?
- Eni and NOVATEK start drilling offshore Montenegro wildcat
- A triumphant Q1 for Equinor-led Norwegian exploration with a further discovery at Blasto
- North Sea upstream webinar: the state of play
- BP planning UK’s largest blue hydrogen project
- NEO acquires Zennor for US$625 million
- INEOS acquires Hess' Denmark assets
- A Lens overview of Cairn’s recent UK and Egypt transactions
- Ukraine targets gas self-sufficiency by 2030
- Kistos enters Dutch upstream with maiden acquisition of Tulip Oil
- Norway’s total carbon price to exceed US$260/tonne by 2030: implications for upstream value
- Cyprus and Israel agree on a framework to unitise Aphrodite
- Equinor makes discovery at Isflak in the Norwegian Barents Sea
- Equinor sanctions brownfield project at Åsgard - the first Norwegian FID of 2021
- The recent revival of the UK’s Jurassic HP/HT play
- UK M&A accelerates as NEO and Waldorf announce acquisitions
- Podcast: Italy's upstream outlook in the spotlight
- ExxonMobil sells UK assets to NEO Energy for over US$1bn
- Seven companies apply for ‘frontier’ acreage in Norway’s 25th licensing round
- Netherlands launches its first multi-operator decommissioning campaign
- How will UK M&A rebound in 2021?
- Evelyn becomes first North Sea FID of 2021
- Fiscal reforms will smooth transition of the Netherlands’ ultra-mature upstream sector
- Equinor’s Q4 2020 results: Johan Sverdrup reaches payback 16 months after first oil
- All change in Italy – exploration moratorium ends and new government forms
- Podcast: A look back at Europe's upstream in 2020
- Revised Oil and Gas Authority strategy comes into effect
- Equinor makes first Norwegian discovery of 2021 at Røver Nord in the Troll area
- Global exploration delivers in 2020 – the North Sea plays its part
- TPAO continues Sakarya appraisal and considers partners for its Black Sea giant
- EnQuest buys Suncor's stake in Golden Eagle Area for US$325 million
- OMV Petrom reports resilient 2020 results and signals 2021 as crucial year in Black Sea
- Ireland moves to ban future licensing
- In memoriam of Hans Christen Rønnevik (1945-2021)
- KNOC set to sell North Sea asset package
- Norway’s Lundin Energy brings its net zero target forward to 2025
- Ukraine grants Naftogaz offshore Black Sea blocks without competition
- PE-backed NEO Energy set to acquire UK portfolio from ExxonMobil
- What next for the Majors in the UK as BP looks to offload assets?
- Norway’s APA 2020 licensing round: strong turnout despite price crash
- Vermilion Energy emphasises European investment in 2021 budget
- Wintershall Noordzee brings Dutch Sillimanite South discovery onstream
- Lots to look for in European exploration in 2021
- Norway’s carbon taxes are set to rise
- Sval Energi to acquire Edison’s Norwegian portfolio for US$300 million
- i3 Energy relinquishes Liberator in UK’s Moray Firth
- Viaro Energy buys SSE assets for £120 million
- ConocoPhilips announces second large Norway discovery in two months
- Energean completes acquisition of Edison E&P
- UK oil and gas industry on brink of change as UK Government publishes Energy White Paper
- Podcast: What to look for in Europe’s upstream in 2021
- Equinor’s large Snorre Expansion Project onstream early and under budget in Norway
- Decommissioning in the UK: the cash flow vs. cost savings operator dilemma
- Surprise result in Romania’s parliamentary election could delay upstream reforms
- Watch our recent North Sea webinar
- Agenda
- Denmark becomes the first major producer to call time on oil and gas
- ADX Energy becomes sole explorer in Austria’s Molasse basin
- Watch the recording of our recent Black Sea event
- Agenda
- Ithaca and BP bring Vorlich onstream
- SpotOn Energy’s entry revives hopes for Ireland’s offshore Barryroe project
- Norway launches its frontier 25th licensing round
- Podcast: Mitigating upstream investment risk in the North Sea
- North Sea explorers – finding more with less
- Trans Adriatic Pipeline (TAP) start-up marks the completion of Europe’s Southern Gas Corridor
- LUKOIL plans to exit the Black Sea
- Podcast: Norway’s temporary tax terms boost upstream activity
- Total delays start-up at Tyra redevelopment
- A long and winding M&A road for Eastern Europe’s national champions?
- Introducing Lens Upstream Optimisation
- Majors’ Northern Endurance Partnership to develop offshore CO 2 infrastructure in North Sea
- Equinor sets net zero ambition
- Nitrogen impasse threatens to derail Wintershall Noordzee’s Netherlands oil project
- Podcast:In-depth look at Romania’s upstream sector
- Norway’s Hammerfest LNG outage extended to a year after fire incident
- TPAO’s world-class Black Sea Sakarya gas discovery just got bigger
- Valeura Energy sells Turkish conventional gas business to focus on Thrace tight gas play
- Doing more with less – the recent revival of North Sea exploration
- Eni awarded carbon storage licence for Liverpool Bay area
- Chrysaor buys Premier through reverse takeover
- Recent North Sea exploration activity and performance: a Lens Upstream snapshot
- What next after Turkish Petroleum completes controversial well offshore Cyprus?
- Lundin Energy strengthens its Barents Sea position in US$125 million deal
- Strike action shuts-in production at six Norwegian fields
- Wintershall Dea to switch its German upstream facilities to 100% green power by 2021
- Lower production cap imposed at Shell and ExxonMobil’s giant Groningen field in the Netherlands
- The new North Sea Financial Flexibility Index
- Equinor takes FID at Breidablikk in Norway
- Vermilion Energy and IPC’s Paris Basin assets affected by Total’s French refinery conversion
- Is a Premier Oil-Chrysaor merger on the cards?
- Podcast: Technology for a Net Zero North Sea
- PGNiG steps closer to its Norwegian gas target with two acquisitions from Shell
- Partners at Romania’s Midia Gas Development reach another key milestone
- TPAO’s Kanuni drillship reinforces Turkey's Black Sea exploration charge
- ONE Dyas to restart drilling at large Kampen prospect, offshore Netherlands
- Closing the Gap - Technology for a Net Zero North Sea
- Podcast:Exploration in the North and Black Seas
- What does Turkey’s giant discovery mean for the Majors in the Black Sea?
- UK’s 32nd Offshore Licensing Round: strong uptake but an uncertain future
- Exploration in the North Sea: a recent renaissance
- UK decommissioning discussed at Decom North Sea
- Delek aims to cash in on Ithaca
- Buzzard Phase II the latest UK project to be delayed
- The (pressing) case for UK consolidation
- TPAO lands a giant catch with Black Sea Tuna-1 well
- Norwegian Yme project faces further delays
- What is Shell up to in the UK’s Southern Gas Basin?
- Equinor announces new CEO
- Neptune Energy strikes oil at Dugong in Norway
- Equinor sells a portion of its UK Bressay heavy oil discovery to EnQuest
- Delays at Rembrandt & Vermeer paint bleak Dutch picture
- Will the Chevron-Noble deal kick-start a new wave of East Med M&A?
- Small-cap M&A gets a post-crash kick-start in Continental Europe
- Chevron strengthens East Med position with acquisition of Noble Energy
- PKN Orlen on course to become Poland’s national energy giant
- Norwegian explorers continue to excel in 2020
- Norway players given a boost by temporary tax incentives - now in our Lens upstream dataset
- Podcast: Electrification of North Sea platforms
- Ireland’s Kinsale area gas fields end production
- Equinor’s giant Johan Castberg 'delayed' as coronavirus impact bites
- Premier Oil pulls out of UK deal with Dana Petroleum
- Viaro Energy agrees US$310 million deal to acquire RockRose
- Eni delays Montenegro wildcats to 2021
- Energean cuts Edison E&P purchase price by US$466 million
- The times they are a-changin’ in Ireland – ExxonMobil exits and a new coalition government takes charge
- Aker BP sanctions Hod redevelopment off Norway
- Podcast: The post-crash outlook for Europe upstream
- Norway passes landmark tax reform
- ExxonMobil and Shell to test early appetite for North Sea M&A
- How does Continental Europe look in Lens Upstream?
- Decarbonising Norway's upstream industry - is it profitable?
- Aker BP and Equinor reach development consensus at the giant NOAKA project
- After the crash - what's changed in North Sea upstream?
- Romania revises plans for 11th licensing round amid regulatory mismatch
- Sleipner electrification gets the go-ahead
- Repsol exits deepwater Khan Asparuh block in Bulgaria
- After the crash – what’s changed in Continental Europe upstream?
- North Sea exploration: why is Norway better-placed to weather the storm than the UK?
- Premier and BP agree revised terms for US$625 million UK deal
- UK government releases post-Brexit Emissions Trading System proposal
- Belorusneft strikes light oil in Belarus
- The Majors in upstream: a Lens snapshot
- The Majors' UK portfolios in Lens: invest or divest?
- UK North Sea decommissioning: under the spotlight
- Shell and ExxonMobil to seek Groningen arbitration
- Podcast: North Sea upstream energy transition update
- Hurricane Energy shuts-in Lancaster well
- Total modifies UK asset sale
- Neptune Energy cancels deal with Energean
- Could BP sell more UK assets?
- Premier Oil delays first gas at Tolmount, UK
- Norway’s Northern Lights CCS project gets the go-ahead
- Equinor sells remaining stake in Lundin for US$336 million
- Norway responds to market challenges - a Lens snapshot
- BP hits pause at Clair South
- UK summertime blues: coronavirus pushes gas market to deadlock
- UK exploration continues to deliver
- Turkish Petroleum continues controversial Cyprus campaign
- Norway responds to oil market challenges
- Serica Energy announces likely delays at multiple UKCS projects
- Expert Petroleum signs Ukraine’s first Production Enhancement Contract (PEC)
- UK: challenging times ahead
- What next for the Majors in the UK?
- Europe’s small E&Ps feel the squeeze
- Bargain North Sea crudes head to China
- FID on Shell’s Jackdaw delayed to 2021
- INEOS delays Forties Pipeline shut down
- Majors apply brakes ahead of high impact exploration in Cyprus
- Capital guidance: MOL cuts 2020 spend by 25% across value chain
- The North Sea at US$30/bbl
- Norwegian authorities approve Equinor’s pioneering Hywind Tampen wind farm
- Wintershall Dea strikes oil at Bergknapp in the Norwegian Sea
- How will the oil price crash impact near-term exploration in Europe?
- Turkish Petroleum completes controversial Cyprus drilling campaign
- Capital guidance: amid cuts, carbon emissions remain on the agenda
- Equinor finalises exit from Turkey’s Thrace basin tight gas play
- Coronavirus: impact on European gas markets
- Norwegian government considers tax changes to support sector under pressure
- What impact will the coronavirus have on North Sea production?
- Potentially an uptick in the immediate short-term
- But downside risk is around the corner
- 500,000 boe/d at risk from under development projects
- Siccar Point and Shell push back Cambo
- Capital guidance: the cost cuts continue
- What are the implications for North Sea M&A at US$30/bbl?
- European operators respond to low oil prices by cutting costs
- Neptune Energy announces German Rhine valley discovery
- EnQuest announces Heather and Thistle unlikely to restart
- i3 Energy and Dolphin Drilling agree farm-in deal for Serenity, UK
- Eni and Edison (Energean) revise Cassiopea start-up in Italy
- Oil price crash: deep investment cuts are coming
- One well, two discoveries – MOL finds exploration success in the Norwegian North Sea
- Total makes UK gas/condensate discovery at Isabella
- Oil price collapse brings market turmoil after OPEC+ fails to agree
- North Sea exploration in a low-carbon world: a new way of thinking
- Dutch nitrogen plant to tackle Groningen shut-in
- A shining start for Equinor’s Northern Lights carbon capture storage (CCS) project
- Appraisal fails to deliver at Total’s Glendronach
- Solo Oil pulls out of 32 million Dutch deal with ONE-Dyas
- ONE-Dyas to commence drilling of the giant Dutch Kampen
- The imminent impact of the energy transition on North Sea M&A
- Coronavirus: how is it impacting North Sea projects?
- Wintershall Noordzee brings UK/Netherlands Sillimanite onstream
- PGNiG agrees Norwegian swap deal with Aker BP
- BP delays Clair South in search of low carbon future
- Europe’s 2020 wildcats to watch
- First oil for BP's West of Shetland Alligin field
- OMV Petrom results highlight cautious optimism for Romania reforms
- End of the road in Turkey for Equinor's Thrace basin tight gas journey
- Wintershall Noordzee pictures mid-year FID for Rembrandt and Vermeer
- Lens database: key price assumption update
- UK North Sea decommissioning in the 2020s
- North Sea M&A: 2010s in review and what to expect in the 2020s
- North Sea M&A in the 2010s: the numbers*
- Shell reaffirms commitment to UK Southern North Sea
- Lundin announces decarbonisation strategy
- Jersey Oil and Gas acquires Equinor’s stake in Verbier
- East Med tensions rise ahead of upcoming Eni and Total exploration campaign
- Norway’s mature licensing round 2019 – Awards in Pre-defined Areas (APA)
- A rollercoaster of a decade has transformed European exploration
- OMV Petrom makes further progress with Romania portfolio optimisation
- European Green Deal 2050: challenges ahead for Europe’s upstream sector
- Premier Oil pays up to US$870 million in UK North Sea shopping spree
- EastMed pipelineparticipants retain ambitions of 2022 FID following non-binding supply deal
- Equinor targets near-zero emissions from Norway operations by 2050

Tables and charts

This report includes 302 images and tables including:

Continental Europe - EU solidarity contribution (by country) and other windfall measures
Norway - Obelix Upflank discovery area

APA 2022: awarded licences and commitment wells
Norway's CCS licences
Equinor and Suncor (UK assets) remaining NPV10 and resources
Equinor and RWE form hydrogen partnership
List of tax window projects
Black Sea - Çaycuma discovery
Map of Njord Area
Norwegian oil and gas discoveries in 2022
East Mediterranean – Zeus-1 gas discovery location
Türkiye (Turkey) - Şehit Esma Çevik oil discovery
Impact of electrification on Rosebank NPV10 valuation*
North Sea: further fiscal disruption places future investment at risk
Verdande Area map
Türkiye - Taşucu-1 exploration well location
Europe gas at a glance
Frontier licence round awards
Norway exploration drilling (2011 to 2022)
ETAP Area map
Recent changes and proposals
Maria production profile
Hywind Tampen carbon emissions savings
UKCS profits (2022 - 2028)
Netherlands - impact of 'windfall tax' changes on government share in 2022-24
Production by company
Production by country
Türkiye (Turkey) - Çaycuma-1 exploration well
OMV upstream portfolio value (NPV10 at January 2023)
Global exploration metrics (indexed to 2013)
Ithaca production by status and emission intensity
Summary of Equinor plus CNOOC International
Sleipner CCS
NOAKA and Wisting IRR
NOAKA and Wisting Brent breakeven (NPV10)
Victory location map with the nearby Clair field and infrastructure
The UK's 33rd offshore licensing round - a visual summary
Waldorf's Netherlands production outlook
Map of INEOS's upstream assets in Denmark
UK emissions profile (base case) versus North Sea reduction targets
Field Resources
Balder X NPV10 and IRR
Balder X production profile
Turkey - SASB offshore gas project
Total volumes discovered in Norway (2011-2022)
Evelyn production profile
NAM Netherlands assets up for sale
J-Area production profile
Gjøa Area production
Aker BP's 2022 Skarv Area exploration wells.
Alvheim hub production outlook
Türkiye - Yörükler-1 exploration well location
Lime Petroleum production outlook
Production by company
Production by country
Neptun Deep - production and capital expenditure outlook (gross basis)
Gjøa hub production forecast
ExxonMobil – East Mediterranean exploration blocks
Netherlands onshore versus offshore gas production
Waldorf Production’s production profile including Alpha Petroleum and combined net cash flow
Linnorm production profile by concept
TAQA Netherlands cash flow
Skarv area sales gas production outlook and FPSO gas processing capacity
Strike action: potential cumulative production shut-down
Aker BP production (2021-2030)
Shell Norway production (2021-2030)
Emissions forecast for the Oseberg and Troll fields, including Trollvind potential savings
2022 Norway Awards in Predefined Areas
UK awarded and open carbon licence areas
Ithaca Energy production profile (2022-2040)
Midia Gas Development production
Value transferred versus reinvestment rates
Shell's global pre-FID portfolio
Top 10 pre-FID gas fields by resource
N05-A development (cross-border GEMS Area (Netherlands-Germany))
Norway appraisal resource adjustments (2021-2022 YTD)
NCS upstream projects with an FID date expected in 2022
Cyprus – Cronos-1 exploration well location
Commercial and economically viable success rates
Turkey’s disputed territorial claim in East Mediterranean
Romania - offshore gas excess revenue tax
Norway and Snohvit production
UK awarded carbon storage licences
NCS upstream projects with an FID date expected in 2022
UK absolute emissions and production profile
Sval Energi’s production forecast and associated deals
Birgitta discovery map
Largest greenfield North Sea developments with FID date post 2010
Pre-FID greenfield project potential, 2022-2024
Romania – Neptun Deep and other Black Sea fields
Tolmount gas production and percentage of UK gas demand
Greece - priority areas for exploration
Romania - offshore gas excess revenue tax
Proposed vs existing terms
Emissions intensity of top UK gas importers
Ithaca Energy’s production profile including Siccar Point split by development status
Norway’s recent carbon licence activity
Ukraine - onshore gas royalty rates
Impact of new royalty rate thresholds
Troll and Fram area discoveries
CNOOC UK production by field
Impact of acquisition on Ithaca’s production profile
UK liquids supply and demand ranges
UK gas supply and demand ranges
Waldorf production profile
UK company cash flow versus government share
UK number of wells and discovered resources by reservoir age
Cyprus - Glaucus gas field
Groningen production
Saturn Banks production profile
INTOG licence areas and potential electrification candidates*
Equinor pre-FID portfolio: IRR v breakeven v NPV10
Turkey - Karasu-1 exploration well
Shell's UK Southern North Sea production and cash flow
Combined Waldorf and ONE-Dyas production profile
Combined Waldorf and ONE-Dyas cash flow
Italy - onshore and offshore licences
Europe wells to watch 2022
Production performance at Laggan, Tormore, Edradour and Glenlivet
Kistos production profile
Montenegro - Eni and NOVATEK wells
North Sea electrification projects capex and emissions saved
Suncor Norway (production v cash flow)
Suncor: strategic fit of upstream regions
APA 2021: awarded licences
2021 Norway discovered resources by company
Post-transaction portfolio by capex, equity and NPV10
FANTA discoveries and prospects near Troll
Black Sea - key upstream activity
OMV Petrom investment diversification plans
Cyprus Block 5 location
Corrib location
Production outlook (2020-2030)
Upstream value (NPV10)
M Vest net production following deal
Idemitsu Norway production by field
Idemitsu Norway cash flow at LT US$50/bbl
Production: 2021-2030 by status
Cash flow: 2021-2030 at US$50/bbl long-term
NAM Netherlands assets up for sale
Norway discovered resource by basin
Sakarya production
Number of start-ups in Norway
Groningen production: 1970-2022
Midia Gas Development
Proposal vs. existing terms summary
Project cash flow: non-taxpayer
Project IRR: non-taxpayer vs. taxpayer
Ithaca and Marubeni’s North Sea production
TAQA's oil and gas portfolio by country
Global upstream projects brought onstream since 2010 by IRR
Timescales for development of Norwegian subsea tie backs: from discovery to first production
Monthly UK production YTD
Norway start-ups by initial reserves
25th licensing round: awarded licenses
Commercial and economically viable success rates in Norway
2021 Awards in Predefined Areas
North Sakarya discovery (Amasra-1 well) map
Exploration value creation in Norway at US$50/bbl and US$70/bbl
Number of FIDs in Norway
Relative global emissions intensity of the top 20 North Sea producers (2021)
Forties Pipeline System map and throughput
Naftogaz’ Black Sea blocks
Total Norway volumes discovered (2011-2021)
Poland energy consolidation – planned all-share transaction structure
UK exploration wells by Majors
Neptune Energy UK production by field
Top 10 UK heavy oil fields following deal completion
Discovered resource and resource per well by basin in Norway
Tailwind Energy production with addition of Orlando
PGNiG Norwegian gas production
UK and Norway implied long term oil prices
Eni and NOVATEK wells
Total Norway volumes discovered (2011 – 2021)
UK gas production (2027 - 2048)
INEOS production by country
Tulip Oil Netherlands production outlook
UK discovered resources by reservoir period
Applications for acreage in recent Norwegian frontier licensing rounds
2021 UK M&A deal pipeline
North Sea FIDs
Payback of major projects brought onstream since 2010 (post-tax, undiscounted)
Norwegian fields with Etive, Oseberg and Drake formation reservoirs
Map of North Sea commercial and economically viable discoveries in 2020
Black Sea upstream
KNOC North Sea asset package (production v cash flow)
Euro Majors' production profiles - 2015 forecast vs today
APA 2020: awarded licences and commitment wells
Top 10 companies by licence awards
APA 2013-2020: comparison of past results
Europe discovered resource by product type
Viaro Energy production outlook
Top 10 discoveries in the Voring Basin
Energean production outlook
Denmark production profile
Austria licences
UK volumes brought onstream 2015 - 2020
Barryroe remaining resources
Barents Sea volumes discovered v exploration wells drilled (2011 – 2020)
Acreage offered in Norway's 25th Licensing Round
Large discovery strike rate (number of discoveries per 100 exploration wells drilled)
TAP overview
2021 net production – geographic split
MOL net cash flow with additional Azerbaijan deal
UK production in 2020
Overview of acquired assets
Average upstream emissions intensity North Sea 2019
Timeline of Groningen production caps
NPV10 breakeven of selected Norwegian pre-FID projects
Vermilion Energy PV10: WM Base case vs Paris Basin increased opex sensitivity
Chrysaor and Premier Oil production profiles
PGNiG Norwegian gas production outlook
Midia Gas Development map
Exploration in the Netherlands
Major-held Black Sea acreage
North Sea focused E&Ps production
Number of UK producers v UK production (1967 – 2025)
Number of producers by production range
Sakarya discovery
UK and Norway commercial volumes discovered since 2015 by development type
Value implications of accelerated development
Netherlands future upstream capex
Cyprus upstream value by company (01/01/2020)
Number of exploration wells and economically viable success rate by year in Norway
Total Norway cash flow: impact of tax changes
Eni and NOVATEK’s Montenegro wells
Energean-Edison deal – revised terms
Exploration wells drilled in Ireland since 2010
ExxonMobil pre-capex cash flow margins by country (2020 to 2025 average)
Aker BP production outlook
Romania 11th licensing round blocks on offer
Number of operated wells by company in Norway
BP's UK portfolio (maturity v value v reserves)
UK gas production against short-run marginal cost (SRMC) of production and total annual opex
UK creaming curves by basin
Turkish Petroleum well locations
Pre-FID project NPV10 breakeven: proposals vs. existing terms
The Majors in the UK
UK v Global upstream cashflows at US$30/bbl (BP, XOM, Shell and Total, 2020 – 2025)
Capital budget revisions: Majors
Capital budget revisions: Others
Hywind Tampen* returns under different scenarios
North Sea deal spend v private equity %
Announced capital guidance revisions of European operators
EnQuest’s net production
Previous Cassiopea outlook (Q1 2020 data)
Number of major project FIDs by year, 2020 risked
Carbon intensity of UK infrastructure hubs relative to Norway’s power from shore
Difference between UK and Global upstream emissions intensity (net equity, 2020)
PGNiG’s Norwegian gas production
Wood Mackenzie’s twenty 2020 wildcats to watch
Impact of EGO 1/2020 reforms
Equinor interest in Thrace basin, Turkey
Netherlands liquids production
UK North Sea decommissioning in the 2020s
Shell’s Southern North Sea activity, with the licences recently farmed-in to with Egdon and Cluff highlighted
Lundin Petroleum’s net production by power source
Greater Buchan Area fields
Cyprus maritime border dispute and Turkish Petroleum well locations
Successful awards and commitment wells in APA 2019
Top 10 companies by licence awards
Number of exploration wells and discovered resource in Europe
Rate of return from exploration in Europe
OMV Petrom divestment programme in Romania
Premier Oil UK production following acquisitions
Equinor Norway carbon reduction projects